The 2020 Mid-Year Economic Update_long

Air Products Sales Up 3% in 3Q

Year-to-date sales up 2.2 percent year-over-year.

Air Products (NYSE: APD), Lehigh Valley, PA, reported sales for the fiscal third quarter ended June 30 of $2.6 billion, a 3 percent increase year-over-year. Profit increased 9 percent to $314 million.

Merchant gases sales of $1.1 billion increased 4 percent versus the prior year, primarily on higher volumes in Asia and U.S./Canada. Liquid oxygen and nitrogen volumes increased in all regions, partially offset by lower global helium volumes.

Tonnage gases sales of $835 million decreased 1 percent versus the prior year. Excluding PUI, volumes grew 2 percent on continued hydrogen demand in the U.S. Gulf Coast and the contributions from new plants.

Electronics and performance materials sales of $618 million increased 9 percent versus the prior year on 9 percent higher volumes. Electronics sales were up 6 percent on strong growth in all segments. Performance materials sales increased 12 percent on higher volumes in all regions and across all product lines.

Equipment and energy sales of $104 million increased 1 percent.

For the first nine months of the fiscal year, sales were $7.8 billion, up 2.2 percent over the prior-year period. Profit increased 3.6 percent to $887.7 million.

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